-LRB- CNN -RRB- Two former World Wrestling Entertainment wrestlers are suing the WWE , alleging their old employer ignored or downplayed signs of brain damage and other injuries while it raked in millions .

The lawsuit was filed in federal court in Philadelphia by Vito LoGrasso , who is best known for wrestling under the moniker Big Vito , and Evan Singleton , who wrestled under the name Adam Mercer .

`` It is not simply that WWE has failed to protect its wrestlers , '' court documents say . `` WWE deliberately creates and heightens the violence of its matches in order to ` heat ' up audiences and increase its profits . ''

WWE is known for over-the-top events , outrageous story lines and matches putting wrestlers against each other and involving high-flying stunts . A lawyer for WWE called the lawsuit without merit , like a `` virtually identical one filed by the same lawyers in Oregon . ''

`` WWE has never concealed any medical information related to concussions , or otherwise , from our talent , '' said Jerry McDevitt from the K&L Gates law firm . `` We will vigorously contest this lawsuit . ''

The suit , which is dated January 16 , is seeking damages to be determined at trial and medical monitoring .

It centers on LoGrasso , who wrestled with the WWE from 1991 to 1998 and from 2005 to 2007 , and Singleton , who wrestled from 2012 to 2013 .

As a result of his wrestling injuries , the suit alleges , LoGrasso suffers from serious neurological damage , which includes severe headaches , memory loss , depression , anxiety and deafness .

The court documents say Singleton suffers serious symptoms including tremors , convulsions , migraines , memory loss and impaired ability to reason .

The lawsuit has the potential to reach class-action status , the suit says . It estimates that at least 500 wrestlers have worked for the WWE , and it says the operation earns $ 500 million a year .

`` For most of its history , WWE has engaged in a campaign of misinformation and deception to prevent its wrestlers from understanding the true nature and consequences of the injuries they have sustained , '' the lawsuit says .

`` WWE 's representations , actions and inactions have caused its wrestlers to suffer long-term debilitating injuries , lost profits , premature retirement , medical expenses , and other loses , '' the suit states .

WWE forces wrestlers to do stunts `` in a matter that dramatically increases -- often to a near-certainty -- their chances of sustaining brain damage , '' the suit says . `` When performed by , and on , hulking , poorly trained , steroid-using wrestlers with various levels of dexterousness , they are a recipe for disaster -- and widespread , long term brain damage . ''

Yet McDevitt , WWE 's attorney , said the company has been proactive when it comes to handling concussions , even more so than organizations like the NFL .

`` WWE was well ahead of sports organizations , '' the lawyer said , `` in implementing concussion management procedures and policies as a precautionary measure as the science and research on this issue emerged . ''

CNN 's Greg Botelho , Tina Burnside and Michael Martinez contributed to this report .

@highlight

A WWE lawyer says the suit is without merit , and WWE is proactive when it comes to concussions

@highlight

2 wrestlers sue WWE , saying the company ignored or downplayed injuries like brain damage

@highlight

The lawsuit , which could become a class action , is seeking damages and medical monitoring